Clarivate Plc (CLVT) Made Financial Misstatements
On December 27, 2021, Clarivate disclosed in a filing with the U.S. Securities and Exchange Commission that “[o]n December 22, 2021, Clarivate .. . concluded that the financial statements previously issued as of and for the year ended December 31, 2020, and the quarterly periods ended March 31, 2021, June 30, 2021, and September 30, 2021, should no longer be relied upon because of an error in such financial statements[.]” Specifically, Clarivate reported that “[t]he error relates to the treatment under U.S. generally accepted accounting principles (‘GAAP’) relating to an equity plan included in the CPA Global business combination, which was consummated on October 1, 2020 (‘the CPA Global Transaction’). In the affected financial statements, certain awards made by CPA Global under its equity plan were incorrectly included as part of the acquisition accounting for the CPA Global Transaction.” On this news, Clarivate’s stock price fell $1.70 per share, or 6.92%, to close at $22.78 per share on December 28, 2021.
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